Withdrawal for payment of improvement contribution in respect of upgrading works
21.—(1) Where a member is liable as the owner of a residential property to pay improvement contribution to the Housing and Development Board in respect of upgrading works carried out on the residential property under Part IVA of the Housing and Development Act (Cap. 129), or to pay improvement contribution to a Town Council in respect of lift upgrading works carried out in relation to the residential property under Part IVA of the Town Councils Act (Cap. 329A), the Board may, on the application of the member and subject to such terms as the Board may impose, authorise the whole or part of the amount standing to his credit in the Fund to be withdrawn by him for —
(a)
the payment of such improvement contribution; and
(b)
the payment of costs, fees or other incidental expenses arising from such upgrading works.
(2) All moneys withdrawn from the Fund under this regulation shall be paid by the Board to the Housing and Development Board or a Town Council or such other persons as the Board thinks fit to receive the moneys.
(3) The total amount that may be withdrawn by a member under this regulation for the payment of improvement contribution in respect of a residential property shall not exceed the amount of improvement contribution determined by the Board for the residential property.
(4) In this regulation, any reference to an owner of residential property liable to pay any improvement contribution shall be read as a reference to an owner of such property as defined —
(a)
in section 65D of the Housing and Development Act where the improvement contribution is due under the Housing and Development Act; or
(b)
in section 24D of the Town Councils Act where the improvement contribution is due under the Town Councils Act,
and includes a reference to any co-owner of such property.